2/ I am not a #bitcoin skeptic. I recognize the potential of a decentralized, immutable (by current tools and disregarding miner centralization) database. I am enthusiastic about seeing what it will do for us, such as preventing identity theft or authenticating assets.
3/ I detest easy answers to problems of today’s political & financial systems and have a strong impulse to mistrust consensus opinion & “religious” zeal. More than anything, I truly hate when people are taken advantage of due to levels of understanding or education.
4/ I have also been an investor, professionally and otherwise for more than 20 years, so while I do not have an expert understanding of all topics that I am opinionated about, I can usually tell when people are being screwed financially.
5/ Looking at $crypto, what may make me appear a skeptic is that I call out, again and again, the scams, misguided religious sentiment towards $btc and blatant misinformation that so-called “OGs” spread more often than not. So you will hear from me again & again:
6/
(1) #tether is a scam and a fraud
(2) Any and all #altcoins that do not offer debt or equity-like rights to its holders are scams
(3) A centralized #blockchain does not require a token. Never. “Tokenization” of securities is always a scam if it involves a new token.
(1) #tether is a scam and a fraud
(2) Any and all #altcoins that do not offer debt or equity-like rights to its holders are scams
(3) A centralized #blockchain does not require a token. Never. “Tokenization” of securities is always a scam if it involves a new token.
7/
(4) A world where #bitcoin becomes valuable due to potential likeness to gold isnt a world in which you want to live
(5) A disinflationary,then deflationary currency would be disastrous as it prevents econ stimulus AND growth while ensuring a meritocratic society is impossible
(4) A world where #bitcoin becomes valuable due to potential likeness to gold isnt a world in which you want to live
(5) A disinflationary,then deflationary currency would be disastrous as it prevents econ stimulus AND growth while ensuring a meritocratic society is impossible
8/
(6) “The Banks” don’t dislike #bitcoin, nor are threatened by it. They’ll use central blockchain to make clearing efficient &profit from trading $BTC
(7) A bitcoin society has less social mobility than today’s.Once coins are distributed wealth is static. No credit,no progress
(6) “The Banks” don’t dislike #bitcoin, nor are threatened by it. They’ll use central blockchain to make clearing efficient &profit from trading $BTC
(7) A bitcoin society has less social mobility than today’s.Once coins are distributed wealth is static. No credit,no progress
9/
(8) Regardless of whether the technology still has decades to grow, when an investment bubble with shows dedicated to it appears on every other news channel and there is a price ticker everywhere, you are not an “early” investor in the asset
(8) Regardless of whether the technology still has decades to grow, when an investment bubble with shows dedicated to it appears on every other news channel and there is a price ticker everywhere, you are not an “early” investor in the asset
10/
(9) #Bitcoin, the way it is propagated by the vast majority of even the sane people involved in blockchain is currently a religious cult.
(10)“Sound money” is a term that categorically does not apply to $BTC and the Gold standard resulting in the great depression is proof
(9) #Bitcoin, the way it is propagated by the vast majority of even the sane people involved in blockchain is currently a religious cult.
(10)“Sound money” is a term that categorically does not apply to $BTC and the Gold standard resulting in the great depression is proof
11/
(11) Your (college) education, while never flawless,isnt useless. It should not put you in debt like it does in the US, but it is (should be) the fall back option that gives you strength and confidence to achieve what you want. Vast parts of #crytpo propagate opposite
(11) Your (college) education, while never flawless,isnt useless. It should not put you in debt like it does in the US, but it is (should be) the fall back option that gives you strength and confidence to achieve what you want. Vast parts of #crytpo propagate opposite
12/
(12) Regulations exist to prevent crimes & protect investors. Should prevent scamming by large-scale securities fraud like in #crypto. AML prevents tax evasion (in Democracies:= stealing from society). Regulations are good. Nobody enabling such behavior should be celebrated.
(12) Regulations exist to prevent crimes & protect investors. Should prevent scamming by large-scale securities fraud like in #crypto. AML prevents tax evasion (in Democracies:= stealing from society). Regulations are good. Nobody enabling such behavior should be celebrated.
14/
- I look forward to actual non-money use cases to positively affect our lives
- I know current Western system is far from perfect (putting in place an even less flexible wealth distribution is hardly the answer)
- I recognize $BTC can be life-changing in oppressive regimes
- I look forward to actual non-money use cases to positively affect our lives
- I know current Western system is far from perfect (putting in place an even less flexible wealth distribution is hardly the answer)
- I recognize $BTC can be life-changing in oppressive regimes
16/ I am extremely excited to see product authentication,financial instrument clearing,identification & fiat money move to #blockchain. Some will be centralized,the rest will use #bitcoin.I want to read more on these & less “long $btc,short the bankers” (ie someone scamming you)
17/ Even with $USDT still around, as the top 0.1% hold the same proportion of wealth as the bottom 90%, I can appreciate that $BTC, along with gold could be a “revolution-hedge”. I am just not rooting for that kind of a revolution as it would be terrible even with some #bitcoin.
18/ So I want to be involved in building a sane, useful and exciting future involving #blockchain and I find #bitcoin absolutely fascinating. But all of the above and the religious cult-like spreading of misinformation are things I will continue to call out and criticize.
19/ I have written articles on most of the topics above that detail my thinking (and about fascinating ideas for crypto and even Bullish $BTC pieces). The links are in my pinned tweet.
/end None of the above is Financial or Legal Advice. All of the above is my personal and not my professional opinion. I recognize I can be totally wrong and opinions can and will change over time...
